If the financial plan is not well organized, the chances are high the others might be a little complicated and confusing and money is needed to execute other goals and a stepping stone to the next phase of your plan.
To manage your finance well this new year, you need to be financially awareness of your situation in the past years and your current situation. How good or bad the situation was? What really made your financial life look good or bad? Do your money control you or you controlled it? Where is your money really going? What’s really making you financially miserable? Do you know what’s going in or out? Do you create budget for it? Do frivolous buying leave you in financial woes? All these factors and others destroys you financially. you need to create your financial plan for the year.
If you have planned well for your money years back and have a better financial structure, you need to improve on it to make the years ahead better and comfortable. If you have not started at all, now is the time to start planning for the years ahead because of the unpredictability of job security, economic instability and other factors. These are not times when the government is as dependable as time past. Now is the time to step up and turn your finance around for good and prepare for a better financial future.

FINANCIAL REVIEW

You need to financially review yourself to know your stand. You need to think hard and meditate and answer these questions yourself to step up financially to be become free.

-Are you financially aware of your situation?-Are you in debt?-Is frivolous spending killing you slowly?-Are you still in paycheck to paycheck life style?-what’s your mindset about money?-Are you saving?-Do you save to invest?-Any budgeting for your finance?-Any plan for real estate or acquire your own property for the future?-Any plan for retirement?-Any plan to create more source of income for yourself?– Any plan to build your career?

All these and others you need to sit yourself down and think deeply about and know where you are and what to do to break away from your financial woes. If you have answers to these questions and they are the right ones, you will surely breakthrough financially but if you don’t now is the time for the right answers to project ahead for the future is NOW.

THE EIGHT-FINANCIAL PLAN FOR THE YEAR SHOULD BE:
– PAYING YOURSELF
-START BUDGETING
-STOP YOUR FRIVOLOUS SPENDING
-PAY OFF YOUR DEBT
-SAVE TO INVEST
-RETIREMENT PLAN
-REVIEW YOUR PERFORMANCE
-MULTIPLE SOURCE OF INCOME ( you really need to start a side hustle and money is needed)

All these needs to be in place this year to help you achieve your financial goals and to keep you in good shape in all ramifications. This year should mark the beginning of financial freedom for you and flee from a life of financial struggling. The years ahead is totally unpredictable and none of us can proudly foretell the future and how stable the global economy will be.
I will elaborate one by one on the listed points above so that you can understand better and really know what you are doing and how to go about it. I initially talked about two of them in my past blog post but I will shed a little light here.

PAYING YOURSELF

Paying yourself in these interesting and changing times is one of the best thing you can do to yourself to be financially safe. I had a post on this topic before (WHAT YOU NEED TO DO TO BE A GOOD SAVER; WHY YOU REALLY NEED TO BE A GOOD SAVER) Paying yourself is your true value and gives a level of confidence and security. It’s not easy but it’s a level of discipline and sacrifice to make for the now and then. Times are changing so is the job. You need to pay yourself up to 10-30% of your salary every month and you can be a little strict by increasing the percentage to have a better and secured future. You need to have a saving plan. Create a special account or any dormant account you have or rarely make use of. As you get paid monthly, you automate it by transferring it to that account monthly or talk to the bank to do the automation for you once your salary is paid into your account. There are hundreds and more reasons to save. To secure the future, to become financially free, start your business and a few other things to do.
Now is the time to act and take action. Nothing is ever too late to do or start.
If you notice that you feel stressed with your saving plan and you are always short of cash, work on the percentage you are saving so that it’s simple, achievable and smart. You can have a yearly saving target at the end of the year like having saved a minimum of #50,000 to #150,000 or saved a maximum of #200,000- #900,000 at the end of the year after accumulating your monthly saving at the end of the year.
To know the exact amount to save just make use of this simple idea I once learned from a financial planner and a fund manager told me about to help you save comfortably without stress or worry.SAVING (The real money to pay yourself monthly) = SALARY (Money earned at the end of the month)- EXPENSES (All expenses to be paid for the month)
For example; saving (#35,000) = salary (#100,000)- expenses (#75,000)

CONCLUSION

Paying yourself leads to financial security and always to first step to been rich. With these plan in place, act on them and it will lead to financial freedom.
These sums it all, with these you know how to start your financial goals for the year and take a bold step to secure the future.
You can share with me why you can’t really save and why you don’t have a financial goal to achieve.

“Pay yourself first” was the financial advice I learned in a very hard way. I would normally pay everyone else but me and in the end, I end up using the business money and profits for personal needs since I didn’t make provisions for it. It took the ‘near-crash’ of my business for me to learn the importance of including myself on the payroll.
Great advice you have here. One that will benefit anyone who uses it.

It’s always surprising how many people actually do not have a plan or any clue about their finances. They just spend spend spend “hoping” it all evens out. Just read an article, 1 in 3 are in the debt trap.

This is great!! I think you have really hit the point when you say that we have to be financially aware of our situation. I often find myself spending and not realizing there are larger goals I need to be saving for. Great job
-elenathinkslife

I started paying myself when my husband and I first planned to buy our own house and it has helped tremendously in saving money quickly and achieving our goal within a year. This is a great piece of advice and everyone who implements it will see the benefits straight away. Your post are always very insightful!

Hy rawlings. I’ve been lowkey following your blog for a while now😭😭 I’ve come to say I really appreciate your blog posts about money. Really really helpful. Thank you so much and I hope you keep doing you!